Nevis, a New York-based startup that sells software to run the back office of wealth management firms, has raised a $70 million Series B led by EQT Ventures. Charles Schwab (NYSE: SCHW) and QuantumLight, the venture firm founded by Revolut CEO Nik Storonsky, joined as new investors, and Sequoia Capital, ICONIQ and Ribbit Capital all invested more, CEO Mark Swan wrote on October 26.
The Nevis funding takes its total to $110 million two years after it was founded, and comes 11 months after a $35 million Series A. Fortune reported that the round values Nevis at $500 million, citing a person familiar with the matter; the company's announcement gives no valuation.
What Nevis does
Nevis puts a CRM, meeting notes, financial planning and custodial paperwork into one platform for financial advisors, with AI agents that carry out operational work such as preparing for meetings, following up with clients and opening accounts. Swan wrote that advisors using it get back up to 10 hours a week and open client accounts in days rather than weeks.
Swan founded Nevis with Philipp Burda, its chief product officer, and Ivan Chalov, its chief operating officer; all three are former Revolut executives. Assets managed by firms using Nevis grew from $50 billion to more than $700 billion over the past year, more than 14 times over, and are increasing by about $75 billion a month, Swan wrote. He also wrote that revenue grew more than 25 times in that period. Customers include Focus Financial Partners, IEQ Capital and United Capital; Fortune put the total at about 20.
Why EQT Ventures and Schwab invested
Carolina Brochado, a partner and head of EQT Ventures, joins the Nevis board, and Kaushik Subramanian becomes a board observer. Brochado said in Swan's post that Nevis is helping firms serve more clients, and pointed to a shortage of advisors:
…wealth management faces a growing capacity gap, with advisors retiring as demand for advice rises.Carolina Brochado, partner and head of EQT Ventures
Schwab, which supports more than 17,000 independent registered investment advisers (RIAs), joins as a strategic investor, and Nevis plans to extend its agents across Schwab's custodial systems, Swan wrote. Jon Beatty, head of Schwab Advisor Services, said the investment adds to the AI tools Schwab makes available to the advisors it serves.
What the money is for
Nevis will use the money to build more AI agents and to extend the platform across the rest of the software wealth managers use, Swan wrote. The company has 70 employees and, according to Fortune, has opened a second office in London.
Funding history and rivals
Before the Series A: about $5 million, by Nevis's own totals
December 2025: a $35 million Series A from Sequoia Capital, ICONIQ and Ribbit Capital, announced with the product's public launch, for a total of $40 million
October 2026: the $70 million Series B, led by EQT Ventures, for a total of $110 million
Nevis is not alone in selling AI software to advisors. Jump, a Salt Lake City company that also calls its product an AI operating system for financial advisors, raised an $80 million Series B led by Insight Partners in February, bringing its total to $105 million.
